Every estate plan is different. Despite the size of an estate or the value of any assets, an estate plan is pretty much the same process for all Michigan residents who want to protect their family and also protect all for which they have worked. For those who have not started or who have devised an estate plan years ago, there are some important tips about what not to do.
One vital tip is to not select the wrong beneficiary. In some high-profile cases, a person of considerable wealth has chosen a beneficiary who has developed money problems or even substance abuse problems that made their ability to handle an estate responsibly quite questionable. Also, some have chosen a beneficiary and not updated the plan -- meaning that a beneficiary listed is someone who is already deceased, further complicating the estate-administration process.